Who we are
The European Stability Mechanism (ESM) was set up as an international financial institution by the euro area Member States to help euro area countries in severe financial distress.
Who we are
The European Stability Mechanism is an intergovernmental organisation established by member states of the euro area in 2012. Its mission is to enable the countries of the euro area to avoid and overcome financial crises and to maintain long-term financial stability and prosperity.
The ESM carries out this mission by providing loans and other types of financial assistance to member states that are experiencing or are threatened by severe financial distress. In other words, the ESM acts as a “lender of last resort” for euro area countries when they are unable to refinance their government debt in financial markets at sustainable rates.
In this role, the ESM is the successor to the European Financial Stability Facility (EFSF), a temporary institution created in 2010. Both institutions played a crucial role in preserving the integrity of the euro area during the euro debt crisis, by providing a total of €295 billion in loans to five countries (Ireland, Portugal, Greece, Spain, and Cyprus). As part of their ESM/EFSF programmes, these countries implemented reforms to address the weaknesses that led to economic and financial problems.
The ESM raises funds for its financial assistance through the sale of bonds and bills to investors. Taxpayers’ money is never used for lending to beneficiary countries.
The ESM’s scope of tasks will expand with the expected ratification of the revised ESM Treaty. The ESM will provide a backstop to the Single Resolution Fund, and will play a stronger role in crisis prevention and future economic adjustment programmes.
The ESM is based in Luxembourg.
How ESM loans help programme countries
ESM and global financial stability
Key documents
Organisation
Management Board
ESM organisation chart
Organisation structure
Pierre Gramegna
Pierre Gramegna is the Managing Director of the European Stability Mechanism (ESM).
Laurence Ravat
Laurence Ravat is appointed Head of Human Resources and Organisation as of 16 September 2025. She will report to Pierre Gramegna.
Leticia Lucas
Leticia Lucas is Head of Internal Audit. She reports to Pierre Gramegna.
Christophe Frankel
Christophe Frankel is Deputy Managing Director, Chief Risk Officer and Management Board Member
Mario Prodi
Mario Prodi is Head of Risk Management. He reports to Christophe Frankel.
Thomas Pies
Thomas Pies is Head of Finance and Control. He reports to Christophe Frankel.
Sara Alonso Martinez
Sara Alonso Martinez is Head of Middle and Back Office and Portfolio Performance. He reports to Christophe Frankel.
Kalin Anev Janse
Kalin Anev Janse is Chief Financial Officer and Management Board Member.
Jun Dumolard
Jun Dumolard is Head of Funding and Investor Relations. He reports to Kalin Anev Janse.
Jun Dumolard
Jun Dumolard is Head of Funding and Investor Relations. He reports to Kalin Anev Janse.
Sebastien Levy
Sebastien Levy is Head of Investment and Treasury. He reports to Kalin Anev Janse.
Maria Kartcheva
Maria Kartcheva is Head of Asset Liability Management (ALM) and Financial Structuring. She reports to Kalin Anev Janse.
Yana Djoneva
Yana Djoneva is Chief Operating Officer and Management Board Member.
David Blazquez Vila
David Blazquez Vila is Head of Business Strategy and Project Management. He reports to Yana Djoneva.
David Wallace
David Wallace is Head of IT and Facilities Management. He reports to Yana Djoneva.
João Sousa Gião
João Sousa Gião is the General Counsel and Management Board Member.
Jasper Aerts
Jasper Aerts is Head of Legal and Procurement. He reports to João Sousa Gião.
Nicola Giammarioli
Nicola Giammarioli is Secretary General and Management Board Member.
Cédric Crelo
Cédric Crelo is Head of Communications and Chief Spokesperson. He reports to Nicola Giammarioli.
Florian Zinoecker
Florian Zinoecker is Head of Corporate Governance and Internal Policies. He reports to Nicola Giammarioli.
Matjaž Sušec
Matjaž Sušec is Head of Policy Strategy and Institutional Relations. He reports to Nicola Giammarioli.
Rolf Strauch
Rolf Strauch is Chief Economist and Management Board Member.
Pilar Castrillo
Pilar Castrillo is Head of Economic and Market Analysis (EMA). She reports to Rolf Strauch.
Nicoletta Mascher
Nicoletta Mascher is Head of Financial Sector and Market Analysis. She reports to Rolf Strauch.
Giovanni Callegari
Giovanni Callegari is Head of Economic Risk Analysis. He reports to Rolf Strauch.
